, Ola Olukoyede, has attributed the frequent collapse of Nigeria’s national power grid to the activities of corrupt contractors.){kind=link}
The executive chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has attributed the frequent collapse of Nigeria’s national power grid to the activities of corrupt contractors.
Mr. Olukoyede made this revelation during a visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja on Tuesday.
Mr. Olukoyede raised concerns about the detrimental impact of financial crimes and corruption on Nigeria’s development, noting that substandard practices in the power sector have been a major cause of recurring equipment failures, outages, and grid collapses.
He pointed out that the country’s budget performance over the past 15 to 20 years has consistently fallen below 20 percent, contributing to poor infrastructure growth.
He explained that certain electricity companies have been purchasing substandard materials for power projects, which has led to the frequent grid failures.
“Investigations carried out by the EFCC revealed that contractors in the power sector, who were awarded contracts to supply electrical equipment, often opted for low-quality materials,” Mr. Olukoyede stated.
“As I speak, we are struggling with electricity issues. Some of the investigations we have conducted in the power sector are heart-wrenching.”
The EFCC chairman lamented the poor execution of capital projects, revealing that less than 20 percent of capital projects have been implemented in the last two decades.
He stressed the importance of improving project execution, stating, “Our goal this year is to collaborate with the National Assembly to achieve at least 50 percent execution of capital projects. If we can reach 50 percent, it would be a significant step forward for the nation. The lack of capital budget implementation remains a major challenge in Nigeria.”
Mr. Olukoyede called for stronger cooperation between lawmakers and the EFCC to effectively tackle corruption and meet the agency’s objectives. He emphasized the need for legislative support to enhance the fight against financial crimes.
In response, the chairman of the House committee, Ginger Onwusibe, praised the achievements of the EFCC and underscored the purpose of the visit as part of the committee’s oversight duties.
He reaffirmed the committee’s commitment to supporting the EFCC through legislative measures and budgetary allocations.